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IFP doubles qualifications income and posts £60k surplus

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The Institute of Financial Planning nearly doubled its income from education and qualification fees in 2012 as its surplus edged up to £60,000.

Its annual results for last year, published today, show qualification fees grew 48 per cent from £163,437 in 2011 to £317,353 last year.

The organisation made a pre tax surplus of £60,828 for 2012, up 8 per cent from £56,188 in 2011.

It launched its subsidiary, the Financial Planning Standards Board UK, on 1 January 2012 to deal with an increase in qualifications in the run up to the RDR.

The IFP also saw its donation and sponsorships jump by 12 per cent from £567,358 in 2011 to £646.796 last year.

However, while the professional body’s income increased, education and qualification costs more than doubled from £132,401 to £296,705.

The IFP paid £771,858 to 13 staff compared to £730,309 to 15 staff in the previous year. It also increased its spending on legal and professional fees from £2,223 in 2011 to £42,919.

Its results state: “The cash position of the organisation remains strong. All major projects were delivered during the year in line with expectations. Sponsorship remains positive and the support received for the financial planning profession has enabled us to continue the excellent progress.”

The IFP appointed Steve Gazzard as interim chief executive last week as chief executive Nick Cann continues to recover from the stroke he suffered in March.

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Well done IFP. For a small organisation that is involved with financial advisers it is good to see they are also able to ‘walk the walk’.

    Over the years so many bodies representing the advice sector in one way or another have shown that they can’t even run their own financial affairs. A situation I have always found farcical in the extreme. Much as I depreciate the CII they too seem to be able to manage their financial health satisfactorily – like it or not.

    So ‘good on yer’ IFP. Onwards and upwards

  2. This is a great ruse, 97% failure rate. Three submissions is pretty normal.

    No wonder income is up.

    Why are financial advisers dump enough not to see it?

  3. That is some wage bill

  4. The IFP paid £771,858 to 13 staff ???

    Average £59,000 average?

    Bunch of pompous idiots on a gravy train.

  5. < < education and qualification costs more than doubled from £132,401 to £296,705.>>

    They have to employ hundreds of geeks to fail everyone.

  6. Gosh Richard, what’s eating you lately?

    Take some indigestion pills.

  7. @Harry – I’m not a lover of the IFP.

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